Weekly, biweekly
or monthly?
The right frequency isn't the one with the smallest-looking payment: it's the one that lands when the money is in your account. Here's how to line the two up.
The three schedules
| Frequency | Withdrawals per year | Suits you if… | Watch out for |
|---|---|---|---|
| Weekly | 52 | You're paid every week. Small, frequent amounts are easier to manage in your budget. | Four times as many chances that a withdrawal lands on a lean day. |
| Biweekly | 26 | You're paid biweekly — the most common case in Quebec. A natural fit. | Some months have three withdrawals: plan for them. |
| Monthly | 12 | You're paid once a month, or your income arrives on a fixed date. | A larger payment all at once: it has to survive the whole month. |
Biweekly = every 14 days = 26 fois par année, so some months have three. Twice a month (the 1st and the 15th, for example) = 24 fois par année, always two per month. Confusing the two throws a budget off by two pays a year.
Lining up the withdrawal with the money coming in
The rule fits in one sentence: have the withdrawal land just after payday, never just before. One or two business days after the deposit leaves room if the pay is processed late.
- Identify your real pay schedule
Every week? Biweekly? Twice a month? Once a month? Look at your last three statements rather than relying on memory. - Choose the matching frequency
Paid biweekly → repay biweekly. This is the most robust alignment: every withdrawal has its own pay. - Shift by one or two business days
The withdrawal should follow the deposit, not precede it. That gap is what prevents most declined payments. - Test the tightest monththe step everyone skips
Not the average month: the one where rent, insurance and an extra withdrawal all land together. If the budget holds that month, it will hold the others.
What it looks like in numbers
Our published payments, at all three frequencies. Note that the term is the same in all three cases: what changes is the rhythm, not the length of the loan.
| Amount | Weekly | Biweekly | Monthly | Term |
|---|---|---|---|---|
| $300 | 38 $ × 12 | 74 $ × 6 | 148 $ × 3 | 3 months |
| $500 | 62 $ × 12 | 124 $ × 6 | 248 $ × 3 | 3 months |
| $700 | 68 $ × 16 | 132 $ × 8 | 262 $ × 4 | 4 months |
| 1,000 $ | 94 $ × 16 | 188 $ × 8 | 374 $ × 4 | 4 months |
Payments are rounded to the dollar, so the total obligation can vary by a few dollars from one frequency to another — that gap is not a reason to choose one: at this scale, lining up with your pay matters far more. The totals and the dated schedule are in the calculator.
The three-pay month
If you're paid biweekly, two months a year have three pays. That's good news — as long as you planned for it.
If your two schedules line up
Biweekly pay + biweekly repayment: every withdrawal has its own pay, including the third one. Nothing to adjust. That's why this alignment is the safest.
If your schedules differ
A fixed monthly repayment with biweekly pay: some months, the withdrawal lands a long way from the last pay. Check every date across three months before choosing — this is where declined payments come from.
Frequently asked questions
What's the difference between “biweekly” and “twice a month”?
This is the most expensive confusion in the whole subject. Biweekly (every 14 days) gives 26 paies par année : some months have three. Twice a month (for example the 1st and the 15th) gives exactly 24 paies, always two per month. If you're paid biweekly but budget as though you receive two pays a month, you're off by two pays a year — in your favour, but only if you planned for it.
Which frequency costs the least?
At our amounts, the gap between the three frequencies is small, because the loan term is the same in all three cases. What changes the cost isn't the frequency, it's the term — and not missing a payment. So choose the frequency best aligned with your incoming money, not the one whose displayed payment looks smallest.
Is the smallest payment the best choice?
No, and this is the main trap. A weekly payment looks smaller than a monthly one, but it comes around four times as often. What matters is whether, on each withdrawal date, the money will be in the account. A larger payment the day after payday is safer than a small one taken on a lean day.
What happens in a three-pay month?
If you're paid biweekly and repay biweekly, the two schedules stay aligned — the three-pay month simply has three withdrawals. The problem arises when the two frequencies differ: a fixed monthly repayment with biweekly income, for example. Always test the tightest month, not the average one.
Can I change frequency during the loan?
That depends on your contract. If your pay schedule changes (new job, new hours), contact us as early as possible rather than waiting for a declined withdrawal. An adjustment agreed in advance costs less than NSF fees.
What's the maximum gap between two payments?
La réglementation québécoise encadre l’espacement des versements : au moins un versement doit être prévu par période de 35 jours. Nos trois fréquences — hebdomadaire, aux deux semaines et mensuelle — respectent cette exigence. Le calendrier applicable à votre prêt figure à votre contrat.
See also: Loan calculator · Eligibility and Conditions · What a $500 loan really costs
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